It'd be more like the old integration between js2-mode and MozRepl (RIP), where you can drive the browser and send code for evaluation, but the browser isn't part of Emacs in the way xwidget-webkit allows.
You make a good point about X. I don't know a great deal about its security either, and most of what I do know comes from jwz's various salty comments about the risks of poorly implemented screen lockers. Based on that, and for whatever it's worth, the strong impression I have of X server security is that, for any client permitted to connect in the first place, there is likewise little to none of it.
It's been a while since I looked in detail at Emacs' xlib integration. But it's evidently comprehensive enough for EXWM to exist, and looking at the EXWM readme, I find it's based on a pure-Lisp X protocol implementation. So I assume that anything an X client can ask an X server to do, you can ask an X server to do from within Emacs, and you don't even need that Emacs to have been specially compiled with support for the protocol - you just need it to evaluate some Lisp, and you're off and running.
I think I'll stick with eww for the foreseeable future.
So now VNC is your trust boundary. I should try eww again too.